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JAMB Economics 1999 Question 27

Question 27

Industrialisation

Concentrating industries in one place is advantageous because there are gains in terms of

  1. A.external economies
  2. B.internal economies
  3. C.economies of scale
  4. D.cost economies.
Show the answer and explanation

Answer: A (external economies)

Explanation

Firms in the same area share skilled labour, services and infrastructure, which are external economies.